PJX Reports First Quarter Net Loss of US$500,937

Date: July 16, 2018

Portland JSX Limited (PJX), for the three months ended May 31, 2018 recorded net loss on financial assets classified as at fair value through profit and loss amounted to US$313,175 compared to a gain of US$223,364 in 2017.

Interest from loans and receivables for the quarter amounted to US$25,575 a decrease of 76% year over (2017: US$104,927).

Other income for the quarter was recorded at nil compared to US$98 booked last year for the comparable period. As a result, revenues totaled US$287,600 for the three months ended May 31, 2018, compared to a 2017 figure of US$328,291.

Operating expenses amounted to US$211,088 for the quarter, an 8% increase year over year (2017: US$195,413).

Taxation for the period grossly increased by 635% amounting to US$2,249 relative to the US$306 recorded for the prior period in 2017.

Consequently, PJX recorded a net loss for the quarter which amounted to US$500,937 compared to a gain of US$132,670 booked in the corresponding quarter in 2017. This reflects a 478% decline year over year.

Loss per share (LPS) for the quarter amounted to US$0.002 (J$0.21) compared to the earnings per share of US$0.0004 (J$0.06) reported in 2017. PJX’S twelve months trailing EPS is 0.004. The number of shares used in this calculation was 309,968,261. PJX’s stock price closed the trading period on July 13, 2018 JMD $9.90.

Balance Sheet Highlights:

As at May 31, 2018, PJX recorded total assets of US$27.21 million compared to US$23.92 million reported for the corresponding period in 2017. This growth resulted from a US$8.96 million increase in ‘Financial investment, at fair value through profit or loss’ to total US$22.02 million (2017: US$13.06 million) and the US$1.94 million recorded for ‘Securities purchased under resale agreements’ relative to nil recorded in 2017. Notably, ‘Cash and short-term deposits’ declined by US$4.16 million to US$1.18 million (2017: US$5.34 million).

Total Stockholders’ equity as at May 31, 2018 closed at US$25.16 million an increase of 5% compared to the US$24.00 million reported in 2017. This resulted in a book value per share of US$0.08 (J$10.38). (2017: US$0.08).

 

 

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2018-07-16T17:28:45+00:00